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Emaar rises ahead of Q2 earnings

Emaar Properties on Monday hit an 11-week peak ahead of its quarterly earnings, lifting the emirate’s bourse to its highest close since May 9.

Shares in Emaar rose 2.5 per cent to Dh3.23, their highest close since May 1. Contractor Arabtec added 2.8 per cent and budget carrier Air Arabia rose 1.7 per cent.

Dubai’s main index climbed 0.9 per cent to 1,517 points, a near 10-week high. In Abu Dhabi, the benchmark index fell 0.16 per cent to 2,456.89 points.

“Emaar is heading to Dh3.35 — its next resistance level, while support will come in at Dh3,” said Mohabeldeen Agena, head of technical analysis at Cairo’s Beltone Financial. “The rally is backed by strong volumes.”

Three analysts polled by Reuters expect the developer to post an average profit of Dh516.3 million ($140.57 million), which would be a 106 per cent increase on the year-earlier period.

In Qatar, the main index ended 0.1 per cent higher at 8,295 points, up 2.1 per cent from June 28’s 10-month low in lacklustre trade. Islamic lender Masraf Al Rayan gained 0.2 per cent, Commercial Bank of Qatar added 0.1 per cent and Doha Bank rose 0.7 per cent.

Elsewhere, Oman’s bourse climbed 0.6 per cent to 5,499 points, ending higher for a second session since Thursday’s seven-and-a-half month low as banks support.

In Kuwait, the benchmark moved up 0.09 per cent to close at 5,860 points in thin trade as investors waited for a new govnerment to be formed. The benchmark has made a sustained slide since early May, giving up most of its early-year gains to be up 0.8 per cent in 2012. —